ICICI Bank: Transfer Funds Abroad

As India’s largest private sector bank, ICICI Bank offers a range of financial products and services to its customers. In addition to helping its customers transfer funds abroad, it also offers its Money2India.com service which allows you to send an international money transfer from Australia to India within 24 hours. The Money2India.com service offers two online transfer options: NetExpress Fixed Rupee Transfers, which allow you to lock in a confirmed exchange rate for your transaction, and NetExpress Indicative Transfers, which allow you to view an indicative exchange rate when you place a transfer request. There are no remittance charges payable on either of these types of transfers. ICICI Bank also offers wire transfers to India through its Power Transfer service, allowing you to remit funds to India in nine currencies and have your funds arrive within 48 hours.

ICICI Bank exchange rates

The exchange rates that apply to your transfer are updated regularly to keep place with fluctuations in the foreign exchange market. The rates are competitive and you can take advantage of a confirmed exchange rate with the Fixed Rupee Transfer facility. Compare ICICI Bank’s exchange rates with those of your bank to see how they stack up against the competition.

Image taken on 28 Oct 2015

How much does it cost to transfer money with ICICI Bank?

There are no remittance service charges when you send money to India with ICICI Bank. However, under the Finance Act, 2015 and Service Tax (Amendment) Rules, 2015, a service tax will be levied on the converted amount of Indian Rupees. This fee is deducted from the final amount paid to your recipient.

ICICI Bank’s Money2India.com service specialises in offering fast and affordable transfers to India from a range of countries. As well as Australia, the Money2India.com service is available from the following countries:

Donate2India. This service has been set up to make it as easy as possible for you to send cost-effective donations to charities and religious organisations in India.

If you ever have any problems with your transfer, phone, email and live chat support are all offered. You can also search for the answer to your question in an online FAQ section or request a callback from a customer service representative.

The registration and transfer process

You’ll need to be registered on Money2India.com to be able to send a transfer using this service. It’s free to register and you’ll need to provide your name, date of birth, address, contact details and bank account information. You can then login to your account and provide the details of where you will be sending your transfer. Next, select the transfer option you require and the amount of money you wish to send, and once you click ‘Initiate Transfer’ you’ll receive a tracking number and the necessary instructions for completing your transfer. These instructions will include a recipient bank account number you will need to enter in the next step. The final step is to login to internet banking with the financial institution that provides your bank account and begin the process to send a money transfer. You’ll then be able to provide ICICI Bank’s details and the recipient bank account number mentioned above. Once you have reviewed the details of the transaction you can send your transfer, with the funds arriving within 24 hours in most cases.

Cons

What other products and services does ICICI Bank offer?

From loans and credit cards to saving accounts, ICICI Bank offers a wide range of financial products and services to its customers who are Indian residents. However, the Money2India.com service is focused solely on helping people in Australia and around the world send cost-effective money transfers to India.

Questions about ICICI Bank

Do I need to send a transfer to an account with ICICI Bank?

No. You can send the funds to more than 100 banks across India.

Do I need to be an ICICI Bank customer to use the service?

No. You don’t need to be an ICICI Bank customer but you will need to sign up for a free Money2India.com account - this takes about five minutes and can be done online.

Are there other eligibility criteria for using the Money2India.com service?

You will need to be at least 18 years of age and will be required to select a purpose for your remittance, for example gifts to family or friends.

ICICI Bank’s Money2India service is an option well worth considering if you need to send funds to India, so compare its features with those of other money transfer services at finder.com.au today.

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